Hospitals Segment to Lead Global Colorectal Cancer Market During 2022-2028

According to our latest study on "Colorectal Cancer Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Modality and End User," the market is expected to grow from US$ 18,619.3 million in 2022 to US$ 24,078.5 million by 2028; it is estimated to grow at a CAGR of 3.3% from 2022 to 2028. The report highlights the key factors and trends impacting the market and focuses on prominent players and their strategies.

Colorectal cancer is also known as bowel, colon, or rectal cancer. This type of cancer is the second leading cause of death in women and the third leading cause of death in men. Colorectal cancer can be benign, noncancerous, or malignant. The symptoms of colon cancer patients include changes in bowel habits, diarrhea or constipation, and blood in stools that make it look black. Colorectal cancer can be treated with chemotherapy, radiotherapy, and surgery.

The increasing prevalence of colorectal cancer and demand for advanced cancer diagnostics across the globe are driving the growth of the global colorectal cancer market. The government's measures to control pharmaceutical prices are hampering the overall market growth. Rising market potential in developing economies is expected to provide lucrative opportunities for the global colorectal cancer market in the coming years. Furthermore, the growing number of product approvals and developments is likely to boost the market during the forecast period Based on end user, the global colorectal cancer market is bifurcated into hospitals and diagnostics & research centers. The hospitals segment hold a larger market share in 2022, and it is expected to register the highest CAGR from 2022 to 2028. The hospital provides healthcare facilities through specialized scientific equipment. The hospital provides extensive healthcare and medical services to patients suffering from various diseases and disorders. Most surgeries are being performed in hospitals, owing to continuous patient care and monitoring. As hospitals are primary healthcare centers for the people, it is likely to propel the growth of the end user segment over the forecast years. Further, the growing government funding for hospitals and rising hospitalization of patients support the growth of the market for the hospitals segment.

Impact of COVID-19 Pandemic on Global Colorectal Cancer Market

The COVID-19 pandemic has significantly affected the global healthcare system. To combat the spread of SAR-CoV-2, governments imposed stringent policies in 2020 and 2021 to prevent and reduce infection and mortality rates. Due to lockdown and travel restrictions, the global colorectal cancer market was adversely affected. This is mainly due to reduced CRC screening to prevent cancer patients from frequent travel to hospitals. Furthermore, hospitals postponed or canceled lengthy procedures to free up limited space for COVID-19 patients. The cancellation of surgeries to reduce exposure to COVID-19 in the hospital hampered the growth of the colorectal cancer market. However, the world is slowly recovering from the COVID-19 pandemic and has resumed rebuilding lives and economies. Therefore, with the easing of lockdowns worldwide and the resumption of elective procedures, the colorectal cancer market is expected to recover the loss over the coming years significantly.

Amgen Inc., Bruker Corporation, Epigenomics AG, Clinical Genomics Technologies Pty Ltd., Volitionrx Limited, Novigenix, F. Hoffman LA. Roche, Abbott, EDP Biotech, and Quest Diagnostics are among the leading companies operating in the global colorectal cancer market.

The report segments the global colorectal cancer market as follows:

The global colorectal cancer market is segmented into modality, end user, and geography. Based on modality, the market is segmented into diagnosis type, therapy type, and imaging type. Based on end user, the global colorectal cancer market is bifurcated into hospitals and Diagnostics & Research Laboratories. By geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), APAC (China, India, Japan, Australia, South Korea, and the Rest of APAC), the MEA (Saudi Arabia, UAE, South Africa, and the Rest of MEA), and SAM (Brazil, Argentina, and the Rest of SAM).

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